The Foreign Business Act does allow for foreigners to register and operate a 100% foreign owned company. The process can take anywhere from 3 to 6 months to get approval and will require the company to obtain a Foreign Business License (FBL). It is very important to note that the FBL company formed may only conduct activities that are permitted under the Foreign Business Act. Also note that once the application has been approved, the applicant(s) must provide proof that clearly shows payment of the registered capital came from abroad.

Requirements & Process

Applying for permission to operate a 100% Foreign owned company in Thailand may prove to be a lengthy process and for that reason we suggest that you allow the experts at Professional Corporate Services to assist you. We know how to get done right from the start and that will save a lot of time. Another point to take into consideration will be the 3 million THB capital that is required from the onset. Below you will find everything that is required in order to set up a Foreign company in Thailand and the process;

  1. SETUP A COMPANY (Foreign company under Thai law);
    • Require 3 shareholders (foreigners can own 100% of the shares)
    • Require at least 1 Director
    • Require 3 preferred company names so as to reserve a company name
    • Require 3 Million Baht of registered capital (at least) - referred to Section 14 of Foreign Business Act
    • Discuss with the Ministry of Commerce, Foreign Business Department regarding the initial business plan of the Company;
    • Prepare the application form and necessary documents;
    • With your approval, submit the application to the Department of Business Development (DBD) including the prepared documents and your business plan;
    • Follow up the application with DBD officer assigned to our case;
    • Regularly update you regarding the process of the application after the submission.
    • Make and confirm the interview appointment with the officer;
    • Assist in preparing the essential Q&As for the interview with the officer;
    • Provide you with the guideline and advice in preparation for the interview;
    • Accompany and assist you through the interview process
    • Assist you in preparing additional requested documents, in case the officer requests;
    • Prepare and submit the additional documents to the officer;
    • Assist you in preparing for another interview, in case the officer requests;
    • Accompany and assist you through the second interview process.
    Additional Documents required for the FBL Application
    1. Detailed Business Plan
    2. Financial Plan (for the first 3 years)

Summary - Setting Up A Foreign Company

As you can see setting up a 100% Foreign Owned Company in Thailand can be accomplished although it may be a difficult and lengthy process. It may also be a great solution for a company looking to expand into Thailand and have full control of its business. There are other corporate structures foreigners can subscribe to that will enable them to start doing business immediately and may prove to be more advantageous.

For more information on setting up a Foreign Owned company in Thailand or more information on other corporate setups or for that matter to simply consult with a corporate professional at PCS for FREE please don't hesitate to contact us!

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